Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1887-06-16
STRUGGLING IN THE RUINS
OF THE LATE CHICAGO DEAL IN THE
STAFF OF LIFE.

The Corner Brings Financial Disaster Up
ON a Score Of the observation-disclosures
Co. in Very Uncertain Condition
and Much Depending ON Them-An-
other Day OF Apprehension.
CHICAGO, June lG-To say that the situa-
ton on change is threatening would not do
| justice to the actual facts Tuesdays drop
in wheat of 10 cents was followed up by
| further break of 81 cents Wednesday, from
| which there was but an Insignificant rally at
the close. Seventeen firms were posted for
failure to settle margins and while it Is an
utter impossibility to arrive at anything def
ute in the matter of the liabilities of the sus
pended houses, it is safe to say that 20 100000
bushels of wheat are involved, and that the
loss on this immense block is not less than
IS, Zoo, 600, or total of about 5000, QUO in
| two days. The suspended houses are c. j.
Kershaw & Co., Crosby & Co., Gregg, Sons
& CO., S. d. Etdredge & Co., j. A Edwards
& Co, Hord Bros & Co., 7. E. Baldwin &
J. H. Yourst & Co, B. J. McCleary b o.,
H. J. Sheldon, S. c. Orr, M. S.
| Robinson & Co., Pickering & Co., H. K
Matthews, Hubbard & Co, M. B. Crafts &
| Co, and Yourst & Brearly. Some Of these
| firms announced that they will be all right in
a day or two.
Besides the above there are innumerahle
smaller houses which will go down il the sus-
| pended ones fail to come out of the difficulty,
| and the excitement on the board was aug
| mented by the failure of Charles Henrotin, of
| this city, on the New York stock exchange.
| He is private banker and stock broker Of
note, and he attributes his failure to the break
of the corner He says he probably owes half
d million, but is confident he can pay dollar
for dollar as soon as he can get his books in
shape to know where he stands
Wednesdays lowest figure for wheat-69
| cents-was the lowest since 1862, when wheat
sold for % In 1886 the lowest price was 69sk
The announcement Wednesday morning by
| C. J. Kershaw & Co. that they would pay
their clearing house differences was received
with demonstrations of delight by the brok-
ers at the board of trade, and prices imme-
diately rose several points. 1t had been re-
| ported that Kershaw had received $500, coo
early in the morning from Cincinnati to meet
his obligations, and the report being generally
| believed, the announcement that Kershaw
would settle was, in consequence, received
with the utmost confidence and satisfaction.
| At noon, however, the clearing house sheet
| showed that Kershaw & Co had failed to pay
| their debit balance.
The cause of this is stated to be as follows:
! Rosenfeld & Co., who suspended Tuesday be-
| cause the Cincinnati clique would not back
| them up as promised, have commenced suit
against ]. W Wiltshire and Horace Eckert,
| two of the Cincinnati clique, for 81, 100, 600.
Learning that Wiltshire had deposited money
in the American Exchange National bank for
Kershaw, Rosenfeld & Co. attached this
money Nothing was known at the office Of
Kershaw & Co. Of this proceeding until one
| of the partners went to the bank to have a
check for 500, 900 certified Other checks.
aggregating $3.50, 900 had been issued by ker-
shaw 4 Co before they knew of the attach
| ment As the money was attached, of course
the payment of the checks was refused at the
bank kershaw & Co. were obliged to sus-
pend, hut they stated that they would meet
their obligations Thursday, evidently believ-
ing they will by that time be able to release
their money i'll bank
1t is stated that Armour, Hutchinson &
Co. and other heavy operators were in the
market wednesday endeavoring to steady it,
as they had ali interest III the welfare of the
trade, and knew that unless some heavy
traders went in and showed that they bad
confidence in the deal universal panic might
ensue, and there would be no telling where
the thing would stop. Their trading tended
10 give confidence to the others
The afternoon deliveries OF wheat released
large amount of money tied up in margins,
and will enable many houses to protect their
trades in better shape.
number of exciting incidents occurred in
the board of trade building Wednesday after
noon after the close in which Deputy Sheriff
Burke cut prominent figure Among a
number of writs given him to serve was one
of attachment sworn out by g. F. Baldwin
and j H. Wrenn against c. ]. Kershaw &
Co for $4,000 The deputy was opposed al
the door of kershaws Office After parley-
ing with the clerks and submitting to insult
ing remarks for some time the ponderous dep
uty placed his shoulder against the frail par
tition door and forced his way in Several
clerks sprang forward toprevent his entrance
but with n wave of his hands Burke threw
the light weights hack. and with two stride:
forward entered into the presence of Mr. Ker
shaw, who was seated alone in his private
office Mr. Kershaw accepted service of tn.
writ modify. The deputy served similar pa
pers on Others around the building
At the clearing house Burke was also re
! fused Abundance, but succeeded in forcing
open the door and serving Samuel Powell, tn.
manager with writ to attack $400 worth
| of checks in favor of W S Crosby Il Co